Popular instant P2P messaging service Telegram has added a new feature to @wallet bot that will enable P2P crypto trading for users through chats. The bot will enable the purchase of cryptos with a bank card and would allow exchange and transfer of assets to other wallets through chat messages.
@Wallet bot was launched in April and initially, it allowed users to buy, sell, and exchange Toncoin (TON) within chat messages. In the latest update, the bot will allow the sale of crypto between users through the Telegram app, with exchange services acting as a guarantor for each transaction. It will also have a dispute resolution process if there is a disagreement between the buyer and seller on the price.
@Wallet bot is being pitched as offering “anonymous P2P deals.” However, users need to share their mobile phone numbers to access the services and conduct crypto transactions, Blockworks reported.
Users who are selling their cryptos through the bot need to pay a 0.9% commission, while there is no fee on buy transactions. The process to sell cryptos through @wallet bot is easy. To sell cryptos, users need to post them on the app, from where buyers can choose. Currently, buyers can use USD, EUR, UAH, BYN, and KZT to purchase cryptos.
Limited to TON and BTC, for now
As of now, users can only buy and sell TON and BTC, and the offerings will be expanded later. A Telegram spokesperson told Blockworks that the @wallet bot is aimed at making cryptos accessible to ordinary users by providing a low entry threshold for learning about blockchain. The new feature will enable Telegram users to buy and sell cryptos without leaving the app and also allow them to send cryptos to friends using a short nickname without the long wallet addresses.
TON blockchain was founded by the Durov brothers, the founders of Telegram Messenger. They had plans to launch an official Telegram token (GRAM) in 2020, but the SEC didn’t give the go-ahead. Consequently, the founders had to return over $1.2 billion raised for the project and also pay $18.5 million in fines.